Cignifi Inc. Raises Series A Financing Led by Omidyar Network

  Cignifi Inc. Raises Series A Financing Led by Omidyar Network

Business Wire

CAMBRIDGE, Mass. -- November 15, 2012

Cignifi, which is revolutionizing the way banks, insurers and mobile operators
create and market financial products for emerging consumers worldwide,
announced today the completion of a Series A funding round. The capital raise
was led by Omidyar Network, a Redwood City, CA-based philanthropic investment
firm, established by eBay founder Pierre Omidyar and his wife Pam, with
additional investments from Cignifi’s existing investors. Cignifi is based in
Cambridge, MA with offices in Sao Paulo, Mexico City and Oxford, UK.

“We’re very excited to have Omidyar Network join Cignifi as a strategic
partner and as an important contributor to our growth plans,” said Jonathan
Hakim, President and CEO of Cignifi. “This financing represents a major step
forward for Cignifi and for our proven big data engine, which enables mobile
network operators and their banking and insurance partners to identify leads
among millions of pre-pay customers.”

The Cignifi platform allows banks, insurers and retailers to qualify and
contact millions of underserved consumers who lack traditional credit
histories, unlocking a massive opportunity to serve these customers at scale.
Cignifi’s solution employs behavioral data of mobile phone users to assess
credit risk with as little as four weeks’ calling history required to perform
analysis.

“Omidyar Network is very pleased to invest in Cignifi, an innovative big data
company that is redefining the way banks and insurance companies reach
emerging consumers,” added Arjuna Costa, Director of Investments at Omidyar
Network. “It fits squarely into our efforts to support game-changing
entrepreneurial solutions to the world’s most pressing challenges. We are
especially impressed with Cignifi’s unique behavior-based credit scoring
platform by using mobile phone data. It has the potential to fundamentally
transform the market for financial services for millions of consumers by
shifting the paradigm to one that is more inclusive and responsive to the
world’s emerging middle class.”

Cignifi is working with mobile operators and financial partners in Brazil and
other emerging countries to roll out its pioneering technology.

About Cignifi

Cignifi (www.cignifi.com) is revolutionizing the way financial service
companies meet the needs of an estimated 2.7 billion people worldwide who have
mobile phones but no access to formal financial services. The company has
developed the first proven analytic platform to deliver credit and marketing
scores for consumers using mobile phone behavior data. The Cignifi platform
enables banks, insurers and retailers to qualify and contact millions of
underserved consumers who lack traditional credit histories, unlocking a
massive opportunity to serve these customers. Cignifi, based in Cambridge,
Massachusetts, is led by a management team with significant data analytics,
financial services and global business experience. For more information, visit
www.cignifi.com.

About Omidyar Network

Omidyar Network is a philanthropic investment firm dedicated to harnessing the
power of markets to create opportunity for people to improve their lives.
Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the
organization invests in and helps scale innovative organizations to catalyze
economic and social change. To date, Omidyar Network has committed more than
$550 million to for-profit companies and nonprofit organizations that foster
economic advancement and encourage individual participation across multiple
initiatives, including entrepreneurship, financial inclusion, property rights,
government transparency, consumer Internet and mobile. To learn more, visit
www.omidyar.com.

Contact:

Cignifi Inc.
Eli Neusner, 617-794-0241
eneusner@cignifi.com
or
Omidyar Network
Maura Donlan, 202-446-7500
mdonlan@omidyar.com
 
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